The Hindu Business Line : GAIL net profit up in Q3 at Rs 665 cr

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New Delhi Jan. 31 Despite a higher subsidy burden, the State-owned gas transmission and marketing company GAIL (India) Ltd has registered an increase in sales and profit during the third quarter of the current fiscal. The company reported a turnover (net of excise duty) of Rs 4,378 crore and a net profit of Rs 665 crore in the quarter. The company's turnover saw a 12 per cent increase in the third quarter over the corresponding quarter the previous year.

The net profit during the third quarter of FY 2006-07 was Rs 665 crore (Rs 643 crore). The increase in the net profit was despite the LPG subsidy increasing by over 53 per cent to Rs 315 crore (Rs 206 crore), a company representative said.

GAIL shares last traded at Rs 281.30 at the BSE on Wednesday after touching an intra day high of Rs 284.95.

For the nine-month period ended December 31, 2006 it registered a 13 per cent increase in net sales of Rs 12,164 crore (Rs 10,800 crore).

The increase in turnover was despite the fact that gas supply was affected for one month in the second quarter in the current financial year and higher burden of LPG subsidy to the extent of Rs 460 crore — i.e. from Rs 526 crore to Rs 986 crore.

The net profit for the nine-month period was Rs 1,706 crore as against Rs 1,901 crore in the corresponding period last year. GAIL has already declared a 55 per cent interim dividend for the financial year 2006-07.

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